• 2019 March 26 13:02

    Van Oord posts results for 2018

    In 2018, Van Oord recorded EUR 1.88 billion in revenue (2017: EUR 1.53 billion) with a net profit of EUR 92 million (2017: EUR 78 million), the company said in its release. The increase in revenue was mainly driven by offshore wind activities, which realised EUR 706 million of revenue (2017: EUR 403 million). Revenue in the Netherlands also increased to EUR 115 million (2017: EUR 82 million). In Dredging the revenue from international activities (EUR 852 million) was similar to 2017 (EUR 841 million) reflecting ongoing difficult market circumstances. The same applied to Offshore with a revenue level of EUR 203 million (2017: EUR 204 million).

    Van Oord realised a net profit of EUR 92 million (2017: EUR 78 million). This included one-off items. The sale of the share in Gemini Offshore Wind Farm generated a net book profit of EUR 38 million. Van Oord also accounted for a net cost of EUR 20 million in light of refinancing its US Private Placement (EUR 27 million before tax). The EBITDA in 2018 was EUR 306 million (2017: EUR 290 million).

    Van Oord order book amounted to EUR 3.68 billion at year-end 2018, compared to EUR 3.39 billion at year-end 2017. The five largest awarded projects were the reinforcement of the Afsluitdijk, the Fryslân nearshore wind farm, the construction of the A16 motorway, the modernisation of the Świnoujście to Szczecin fairway in Poland and the contract for supplying and installing cables at the Hollandse Kust (South) wind farm.

    Van Oord saw a recovery in revenue and profit level in 2018, after two years of contraction. The increase in revenue was attributable primarily to its offshore wind activities.

    Van Oord financial position remains strong with an equity of EUR 999 million (2017: EUR 943 million) and a solvency ratio of 39.5% (2017: 37.3%). The net debt position amounted to EUR 78 million compared to EUR 43 million at year-end 2017. This debt level is well within Van Oord credit facility terms and conditions.

    Amongst others, Van Oord started executing the Dubai Harbour project. This prestigious property development project will include a hotel, a cruise liner terminal, a shopping mall and residences. The contract involves dredging the 12-kilometre navigation channel, reclaiming land, extensive rock work and quay wall construction and executing vibro compaction. After the iconic Palm Jumeirah, Van Oord will be contributing to yet another Dubai landmark.

    The Netherlands business unit realised a significant increase in its order book, thanks to two major DBFM (Design, Build, Finance, Maintain) projects: the Afsluitdijk and the A16 motorway project. The infrastructure market in the Netherlands is characterised by strong competition and low margins. In the coming years, revenue in the Netherlands will grow as the result of these projects.

    The Offshore Wind business unit had record revenue in 2018. Four major projects commenced simultaneously: Deutsche Bucht in Germany, the Norther project in Belgium, East Anglia ONE in the UK and the Dutch Borssele III & IV project. These offshore wind farms combined represent an important step forward in the energy transition. Together they will supply some 1.6 million homes with sustainable energy.

    In September 2018, MPI Offshore was acquired including two offshore installation vessels. Through this acquisition, Van Oord UK market position has been strengthened and its equipment position in offshore wind has also been reinforced. Van Oord added Operations & Maintenance activities to its service package as part of this deal.

    Since 2014, the OFS market (Oil Field Services) has been in a recession. However, it appeared to have bottomed out in 2018. The Offshore business unit’s profits are returning to a satisfactory level. In the end of 2018, all three flexible fallpipe vessels were active, including the brand-new Bravenes that became operational in May 2018.

    After working for five years on the tender for the Golfinho project in Mozambique, Van Oord and consortium partner TechnipFMC were selected as preferred tenderer by oil & gas company Anadarko. Being selected for the EPCI contract (engineering, procurement, construction and installation) of the offshore subsea system for its Mozambique LNG project is a great milestone for Van Oord.







2019 April 20

16:31 CMA CGM announces FAK rates for Asia - the Middle East Gulf trade
15:02 MOL pledges support for Mozambique in wake of devastating cyclone
14:42 USCG Cutter Waesche crew returns home after 95-day counter-narcotics patrol
13:27 CMA CGM announces FAK rates for Asia to Pakistan / India / Sri Lanka trade
13:12 Carnival Cruise Line, CFVI unveil revitalized Griffith Park in St. Thomas for local children
12:26 BC Ferries celebrates Earth Day with the return of the Spirit of Vancouver Island
11:04 Certification of Arkona offshore wind farm by DNV GL confirms safe and reliable power supply
10:49 Navios Maritime Acquisition Corporation announces $103.2 million sale and leaseback transaction
10:38 Boskalis acquires EUR 75M dredging contracts in Indonesia

2019 April 19

18:07 Keppel posts net profit of S$203M in 1Q 2019
17:28 Passenger Port of Saint-Petersburg to complete Phase 1 of Berth No7 reconstruction in summer 2019
17:04 Saudi Aramco partners with the Saudi Contractors Authority fostering collaboration at ‘Future Projects Forum’
16:57 BAE Systems Jacksonville secures Navy's conntract mod for DDG 117
15:04 Hyundai LNG Shipping announces order for one VLGC at HHI
14:55 Marina for 100 yachts to be built in Feodosia by Firm “TES” LLC
14:10 C-Fenna successfully completes Fugro 1200 jackup towing operations
13:32 ESPO congratulates Port of Huelva for renewing EcoPorts’ environmental management standard
13:07 Spirit of Vancouver Island vessel returns to service after mid-life upgrade including conversion to natural gas
12:44 New High Bay Container Storage system launched as “BOXBAY”
12:10 ABS teams with industry leaders to improve container vessel safety
11:39 Port Arthur LNG receives FERC authorization for export project in Texas
11:08 Dual-fuel AET tankers conduct maiden LNG bunkering
10:43 Largest barge of Azerbaijan Caspian Shipping Company undergone overhaul
10:19 Brent Crude futures price is down 0.04% to $71.95, Light Sweet Crude – up 0.38% to $64
09:56 Bunker prices are sable at the port of Saint-Petersburg, Russia (graph)
09:35 TransContainer’s transportation volumes in Q1’2019 increased by 7.7% Y-o-Y to 492,000 TEUs
09:17 Baltic Dry Index is up to 790 points
07:42 GTT receives an order from DSME for the tank design of a new LNG carrier

2019 April 18

18:36 South Stream Transport B.V. and Saipem announce the amicable settlement of mutual differences
18:06 Seaway 7 selected as partner to develop Hollandse Kust Zuid Offshore Wind Farm
17:36 WinGD reports strong first quarter 2019
17:11 Launching ceremony held for eighth shallow-draft barge of Project ROB20
17:05 SOFEC completes engineering, supply and delivery of mooring system
16:26 Port of Murmansk to welcome eight cruise liners in summer season of 2019
16:05 Cooperation agreement between Eimskip and Royal Arctic line approved by the Icelandic Competition Authority
15:44 Navios Acquisition announces $103.2 million sale and leaseback transaction for three MR2 product tankers and two LR1 product tankers
15:12 Nefteflot laid down two barges of Project RDB12 ordered by STLC
15:10 MOL to acquire strategic stake in six group companies, each owning a Very Large Ethane Carrier
14:40 Port of Rotterdam freight throughput grows by 5.1% in first quarter of 2019
13:44 Bunker prices are slightly up at the Far East ports of Russia (graph)
13:03 Biggest European shipbuilders collaborate on vessel connectivity in project Code Kilo
12:49 NOVATEK reports preliminary operating data for the first quarter 2019
12:13 Frontex, EMSA and EFCA open second annual European Coast Guard Event
11:51 RF Navy’s Northern Fleet takes part in combat training missions as part of final check for winter training season
11:27 ASCO took part in TransRussia-2019
11:00 ZIM joins to blockchain shipping solution TradeLens
10:44 Shareholders agreement on construction of Lavna terminal signed under Murmansk Transport Hub project
10:28 Brent Crude futures price is up 0.1% to $71.69, Light Sweet Crude – up 0.09% to $63.82
10:09 ABS teams with industry leaders to improve container vessel safety
09:53 Keppel secures integration and upgrading contracts worth around S$160 million
09:37 Tri-City ports take part in Seatrade Cruise Global
09:36 Bunker Market this morning, April 18
09:15 Baltic Dry Index is up to 767 points

2019 April 17

19:00 SMS Towage’s Humber fleet adds new tug
18:36 CMA CGM has announced FAK rates from Asia to North Africa
18:06 DESMI's CompactClean Ballast Water Management System receives US Coast Guard Type Approval
17:36 Denmark's first new-build hybrid ferry on key passenger route
17:06 CMA CGM announces FAK rates from Asia to the Mediterranean
16:38 Matson receives new cranes at its Honolulu hub terminal
16:17 Stena Europe undergoes refit upgrades in Turkey